It's possible that the Fed is doing all it imagines it can do given its twin mandates to fight unemployment. More likely, they just prioritize fighting inflation. So it's a double hit, as people don't have jobs so that the value of nominally denominated debt is preserved.
People may have disliked inflation in the 70s, but a lot of people eventually benefited a bit as the value of their mortgages, in real terms, declined significantly.
